Written by Scott Craig|Posted on December 19, 2022
The US IT industry continues to struggle with sourcing the talented developers and specialists it needs to meet the demands of the modern digital economy. The nearshore services market has grown to meet this demand, offering the expertise of developers and other tech specialists from Latin America to supplement US teams or undertake custom software development projects from scratch. Will this trend continue into 2030?
Some insights into the future of the IT industry can be gleaned from a new overview of the global IT staffing and nearshore market released by Infinity Business. The report contains an analysis of the budget summaries and business practices of many operators in this sector, broken down by market segment, service types, production volume, sales, revenue, and more.
Regions analyzed include North America, South America, Asia-Pacific, Europe, Middle East and Africa, covering all the major players. One significant insight is that the nearshore services market is still dominated by the Americas, where time-zone and cultural alignments favor the LatAm region. But Western Europe represents the second-largest region involved in IT staffing for the US.
The Infinity Business report also offers insights into industry financials, the supply and demand situation, usage rates, imports, and which innovative developments are taking hold in the sector.
Recent analysis from nearshore market insiders forecasts even more intense competition for IT talent in 2023, highlighting that the drive for digital adoption during the recent COVID-19 pandemic has led to many companies attempting to digitize rapidly, a trend that is still ongoing. In the race to acquire the best talent, demand still outpaces supply.
What this means, according to the leaders of several nearshore firms in the LatAm area, is that although rates for developers in the region remain competitive, they are rising, and average project times may lengthen as teams attempt to come with the increased demand from overseas players.
With that in mind, US companies looking to employ nearshore services should consider implementing their software plans in the near future, before the IT staffing shortage in this desirable region intensifies and salaries begin to adjust to a global standard.
Kirkland, WA, USA